Saskatoon residential unit sales up over Q3 2008: SRAR

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for September 2009 today, accompanied by this release.

The real estate market in Saskatoon and surrounding area was brisk in the month of September. REALTORS® assisted 351 homebuyers in the purchase of a home, that number up 43% from September 2008 when 242 homes were sold. Year to date, residential unit sales stand at 3048, up 3% from 2008 when 2996 homes changed hands.

The average residential selling price in September was $279,457, that number down 6% from September 2008 indicating more activity in the low to middle price range homes. The average selling price has remained steady throughout 2009 beginning in January at $278,545.00 reaching a high in July of $283,871.00. The strongest sales activity remains in the $300,000 to $350,000 dollar price range.

REALTORS® sold $98,089,304.00 of residential real estate in the month of September, up 34% from 2008. Year to date dollar volume stands at $848,202,479.

Listing inventory continued to correct with fewer properties being listed and more current inventory being sold. REALTORS® placed 516 properties on the market in September that number down 37% from September 2008 when REALTORS® listed 825 homes.

Home buyers had 1097 properties to choose from at the end of September.

Sales activity in surrounding communities remained strong with 119 homes being sold, up 65% from September 2008 when 72 homes changed hands. The average selling price was $271,401, up 18% from September 2008 when the average selling price was $229,271.

Similar sales activity is expected throughout the fourth quarter of 2009. Market stability will continue to improve as inventory levels decline. The resale and new home market are being fueled by low interest rates, product availability and consumer optimism in the local economy.

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Norm Fisher
Royal LePage Saskatoon Real Estate